Maine General liability Insurance For Contractors

General liability contractors insurance is mandatory in Maine for certain contractors. Without it, you’re at risk of a lawsuit if a construction accident causes injury to a guest or damages property. You may also need workers compensation insurance, which is a legal requirement in some states. If you’re thinking about getting coverage, it’s important to know the different options available and which one best suits your needs.

Commercial property insurance protects the items you use to run your business. This type of policy covers things like inventory, tools, equipment, furniture, and fixtures. You’ll also have protection for the space you rent or own.

In addition to General liability insurance, contractors should also carry workers compensation insurance. This insurance is often bundled with general liability insurance. These policies cover the risks of accidents, property damage, and injuries that occur during the course of a construction project. Workers compensation insurance may be purchased separately or bundled with general liability insurance to lower the cost of both policies.

Errors & omissions

Errors & Omissions in Contractors Insurance Maine protects you from the costs of lawsuits due to errors or omissions by a contractor. The policy typically costs around $400 to $1000 per year. It pays for legal fees and building defense costs when a claim is filed.

The cost of defending a liability claim can deplete a business’s cash reserves in a hurry. Errors & omissions insurance coverage offers a range of options for settling or litigating a lawsuit. The coverage is effective even if the claim is filed after the policy’s expiration date.

Professional liability

If you are a contractor in Maine, you will need to consider purchasing professional liability insurance. This type of insurance will cover your business from the risks related to your performance. This type of insurance is essential for businesses that offer services in Maine, including general contractors who are subcontractors for other businesses. This type of insurance may be required by the law, but you should be sure to consult your insurance agent to find out what your needs are.

If you are a contractor in Maine, you will also need to carry commercial auto insurance. Maine has special laws regarding the insurance of commercial vehicles.

Builders risk

If you build a home or commercial building in Maine, you need builders risk insurance to protect your assets. This type of insurance covers losses due to natural disasters and other factors. Additionally, it protects your business from identity theft and other forms of financial harm. This type of insurance is available from many insurers, and the benefits of this type of policy are significant.

Builders risk insurance in Maine is fairly simple to obtain. However, you should know exactly what kinds of risks are covered by a policy. Most policies are written on an all-risks basis, but you can choose to exclude certain risks. Also, make sure to consider whether the insurance covers property off-site or in transit. In addition, the insurance can be written on a completed value or reporting-form basis, meaning that the coverage limit will be the estimated total value of the building upon completion.